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Posted: April 25, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF043025-03

Agenda Item Title:

Acknowledge May 2025 Treasury and General Fund Update

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
04/30/2025
City Council Hearing Date:
05/05/2025
Petitioner:
Finance Office
Staff Contact:
Daniel Ainslie, Finance Director
Location:
Council Chambers
Agenda Item Summary:
The attached May 2025 Treasury Report includes a breakdown of the City’s $210.9 million in cash and investments. As of the end of March, 71.9% of the City’s liquid assets were invested in fixed rate instruments as authorized by state statute. The City began being more aggressive in seeking returns on the City’s liquid cash in 2023. This return is now a significant revenue stream for the City. The City’s total interest income in 2024 was $12,198,219, as compared to $7,379,900 in 2023, $495,160 in 2022 and $107,840 in 2021.

The third page of the Treasury Report includes various longer term internal financing loans that the City has made from one internal fund to another internal fund. As of the end of March, these internal loans represented 5.8% of the City’s total current assets. Should the City ever need to increase its liquidity in one of the funds that provided the financing for the loans, the City Council may transfer the receivable from one internal fund to another.

Again, it is important to note that Fund 789 Group Insurance (self-funded health insurance fund) finished March with a balance of $4630546.84. This is the third month in a row and the first time in years that the balance has reached the $4 million goal. The City’s policy is to end the $50 per employee per pay period surcharge once this threshold is achieved for four months in a row.

The other attachments illustrate the total current assets reserves and designated and undesignated balances for the General Fund. The City’s General Fund Undesignated Reserve finished March 2025 in a positive position of $974,511.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge
Published in 2025 - LF Agenda Items
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